Intro Chapter 1 Review

This type of decision involves making the product available to the customer.

Struggle among companies for customers.

Process of developing, promoting,distributing products to satisfy customers’ needs and wants

This type of decision involves the exchange process between the customer and the seller.

Specific group of consumers that an organization selects as the focus of its marketing plan.

Statistics that describe a population- personal characteristics (age, income, gender, etc).

Study of choices and decisions that affect making, distributing, and using goods and services.

Organizations need to satisfy their customers =also trying to reach their organizational goals.

Which of the following protects property ownership and intellectual property rights?

Tangible items, such as sports equipment.

Things that people desire based on personal experiences, or information about a product.

The value of all goods and services produced within a country.

This type of decision involves how the goods or services are communicated to the consumer.

The potential customers with shared needs who have desire & ability to buy a product.

Money left after ALL costs and expenses of a business are paid.

Which of the following is a type of business ownership?

This type of decision involves the goods, services, or ideas used to satisfy consumer needs.

Intangible products, such as theater tickets, dry cleaning, hair cut.

Lack of basic necessities such as food, clothing and shelter

Which of the following is part of the marketing mix?